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The state is getting federal dollars to boost small business investment in New Mexico.
The New Mexico Department of Economic Development announced Tuesday that the state received $74.4 million from the U.S. Treasury Department’s State Small Business Loan Initiative.
It said in a statement that the funds will be used to “increase capital assistance and invest in socially and economically disadvantaged businesses.”
The state Department of Economic Development will use the funds for venture capital/equity and guarantee support programs.
EDD said it has partnered with California-based Avivar Capital to advise on the development of a venture capital and equity program and help identify capital needs for socially and economically disadvantaged business owners in the state.
EDD is asking for ideas to help businesses that are not supported by investment funds to grow and create jobs.
Approximately $9 million will be used for the Department’s Guarantee Assistance Program. The program will improve personal loans for small businesses “by aligning the collateral requirements of banks and financial institutions,” according to the press release.
“Small businesses are the backbone of many New Mexico communities, but they often struggle to find and qualify for the assistance they need to grow and create jobs,” Gov. Michelle Lujan Grisham said in a statement. “Now we have more capital to support small businesses.
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